DTN Midday Grain Comments 03/15 12:11

DTN Midday Grain Comments 03/15 12:11 Grains Mixed at Midday Soybeans lead at midday with corn and wheat softer. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher at midday with the DOW futures up 270 points. The interest rate products are mixed. The dollar index is 20 points higher. Energies are mixed with crude up .35. Livestock trade is mostly lower. Precious metals are lower with gold down $6.90. CORN Corn trade is flat to 2 cents lower at midday with range bound trade continuing, and trade bouncing off the earlier in the session lows. Ethanol margins remain positive with more improvement expected as we progress towards spring with ethanol futures sideways this morning. Double crop areas in Brazil look to build some moisture in the coming days; planting has about caught up to normal with rising values potentially helping to add late acres, while the pattern looks to bring some relief to Argentina. The daily wire was quiet today. The weekly sales were strong at 2.51 million metric tons. On the May chart, trade finished just below the 10-day at $3.89 yesterday and is just below it this morning with the 20-day at $3.82 the next level of support, and resistance the high at $3.95 . SOYBEANS Soybean trade is 11 to 13 cents higher at midday with the front month strength returning this morning to carry the market higher. Meal is $2.00 to $3.00 higher and oil is 35 to 45 points higher. The weather pattern is bringing some rain to parts of Argentina with Brazil remaining mostly the same in the next week, while harvest continues to expand, with logistic issues being watched, as they are typical for this time of year. The daily wire has been quiet this week so far with weekly sales backing off a little to 1.27 million metric tons of beans, 173,300 of meal, and 31,600 of oil. Crush margins have narrowed a little with the meal slump but remain strong overall, with another record month of crush expected on the NOPA report this morning. On the May contract, support is the 50-day at 10.15 below that, with resistance the 20-day at 10.50 that we continue to remain below. Wheat Wheat trade is 1 to 8 cents lower at midday with trade surrendering early gains again to test the support. Plains weather continues to stressful in the short term, especially for the western belt. The longer term forecast hints at some relief though, mostly for the eastern areas though with eastern Kansas potentially catching good rains in the near term. The dollar index remains just below 90 on the index, with sideways trade continuing. Black Sea origin prices have drifted lower, solidifying their advantage in export markets, with better spring weather showing up for the area. Weekly export sales remain soft at 162,800 metric tons of old crop, and 77,400 of new. On the May KC wheat support is at the 20-day at 5.15, with the 10-day at $5.30 becoming resistance. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (BAS) Copyright 2018 DTN/The Progressive Farmer. All rights reserved.